Buying momentum continues, KSE-100 up 1,300 points
- Benchmark index was hovering at 181,335.30
The Pakistan Stock Exchange's KSE-100 Index continued its positive momentum, gaining over 1,300 points on Thursday morning, following a strong recovery on Wednesday driven by easing geopolitical tensions.
- PSX KSE-100 Index's continued positive momentum.
- Key sectors and stocks driving the buying rally.
- Global market performance, including Asian tech and Wall Street.
Positive momentum continued at the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 Index gaining over 1,300 points during the opening minutes of trading on Thursday.
At 9:40am, the benchmark index was hovering at 181,335.30, up by 1,320.37 points or 0.73%.
Buying was observed in key sectors, including automobile assemblers, cement, chemical, commercial banks, fertiliser, oil and gas exploration companies, OMCs and power generation. Index-heavy stocks, including ARL, HUBCO, MARI, OGDC, PPL, POL, MCB, MEBL and NBP, traded in the green.
On Wednesday, the PSX staged a powerful recovery with the benchmark KSE-100 Index reclaiming the psychologically significant 180,000-point level after 16 trading sessions, as easing geopolitical tensions in the Middle East and a sharp decline in international crude oil prices fueled broad-based buying across key sectors.
The benchmark KSE-100 Index remained firmly in positive territory during the day, gaining 2,931.71 points, or 1.66%, to close at 180,014.93 points.
Globally, Asian shares took a breather on Thursday after an AI-driven surge the previous day, while oil prices traded in a tight range as markets assessed prospects for an Iran peace deal.
MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.69%, led by declines in tech firms. South Korean shares dropped 3.64% while Japan’s Nikkei lost 1.57%.
In Seoul, Samsung Electronics fell 2.44% and peer SK Hynix lost 6.95%. In Tokyo, Kioxia plunged 9.61%, while Tokyo Electron slumped 4.61%.
The pullback followed a weaker session on Wall Street overnight, where the Nasdaq ended a days-long winning streak as shares of Elon Musk-led SpaceX and Advanced Micro Devices stumbled after their quarterly earnings.
Although the AI and satellite company highlighted faster-than-expected returns from its AI spending, investors remained concerned about how long its profitable Starlink business could continue to bankroll costly investments in data centres.
And while AMD’s results beat analysts’ estimates, they fell short of investors’ lofty expectations.
This is an intraday update